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Battery Energy Storage Systems Global Market to Reach $34.1 Billion by 2030: Growing Opportunities for Flow Batteries in Clean Energy Space

Research and Markets
Updated ·6-min read
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Global Market for Battery Energy Storage Systems

Global Market for Battery Energy Storage Systems
Global Market for Battery Energy Storage Systems

Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Battery Energy Storage Systems: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Battery Energy Storage Systems estimated at US$4.7 Billion in the year 2022, is projected to reach a revised size of US$34.1 Billion by 2030, growing at a CAGR of 27.9% over the analysis period 2022-2030.

Battery, one of the segments analyzed in the report, is projected to record 29.5% CAGR and reach US$25.7 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Other Elements segment is readjusted to a revised 24% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1.3 Billion, While China is Forecast to Grow at 33.9% CAGR

The Battery Energy Storage Systems market in the U.S. is estimated at US$1.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$7.5 Billion by the year 2030 trailing a CAGR of 33.9% over the analysis period 2022 to 2030.

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Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21.8% and 27.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 25.9% CAGR.

Select Competitors (Total 85 Featured) -

  • ABB Ltd

  • AEG Power Solutions

  • Amara Raja Group

  • BYD Co. Ltd.

  • Delta Electronics, Inc.

  • Exide Industries Limited

  • General Electric Company

  • Hitachi, Ltd.

  • Johnson Controls, Inc.

  • LG Chem Ltd.

  • NEC Corporation

  • Panasonic Corporation

  • Primus Power Corporation

  • Samsung SDI Co., Ltd.

  • Siemens AG

  • Tesla, Inc.

  • The AES Corporation

  • Toshiba Corporation

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.

  • Global competitiveness and key competitor percentage market shares

  • Market presence across multiple geographies - Strong/Active/Niche/Trivial

  • Online interactive peer-to-peer collaborative bespoke updates

  • Access to digital archives and Research Platform

  • Complimentary updates for one year

Key Attributes:

Report Attribute

Details

No. of Pages

427

Forecast Period

2022 - 2030

Estimated Market Value (USD) in 2022

$4.7 Billion

Forecasted Market Value (USD) by 2030

$34.1 Billion

Compound Annual Growth Rate

28.1%

Regions Covered

Global

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation

  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?

  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022

  • Disruption to Supply Chains Impacts Battery Materials Market Prospects

  • COVID-19 Crisis Underlines the Need for Sustainable Development

  • A World in the Midst of a Pandemic Throws Energy Demand into Crisis & Leaves Energy Investments in Shambles: Percentage Share of Energy Use Impacted by Lockdowns

  • Total Electrical Energy Stored Over Lifetime (ESOI) of Storage Technology

  • Post Pandemic Period Presents Robust Growth for Energy Storage Technologies

  • Battery Energy Storage Systems - Global Key Competitors Percentage Market Share in 2022 (E)

  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

  • An Introduction to Battery Energy Storage Systems

  • The Technologies

  • Key Applications of BESS

  • Global Market Prospects & Outlook

  • Grid Modernization Initiatives Drive the World Battery Energy Storage Systems Market

  • Pandemic Impacts the Market Over the Short Term

  • Analysis by Battery Chemistry

  • World Battery Energy Storage Systems Market by Battery Chemistry (2021 & 2027): Percentage Breakdown of Sales for Lithium-Ion, Flow, Advanced Lead-Acid, and Other Battery Chemistries

  • Analysis by Application

  • World Battery Energy Storage Systems Market by Application (2021 & 2027): Percentage Breakdown of Sales for Utilities, Residential, and Other Applications

  • Regional Analysis

  • World Battery Energy Storage Systems Market by Region (2021 & 2027): Percentage Breakdown of Sales for Developed and Developing Regions

  • World Battery Energy Storage Systems Market - Geographic Regions Ranked by CAGR (Sales) for 2020-2027: China, Asia-Pacific, Rest of World, Canada, USA, Europe, and Japan

  • Competitive Scenario

  • Recent Market Activity

  • Select Innovations & Advancements

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Key Trends Driving the Battery Energy Storage Systems Market

  • Growth of Intermittent Renewable Energy Sources and the Resulting Need for Energy Storage: A Key Opportunity for Battery Energy Storage Systems

  • Global Energy Production by Energy Source (2017, 2020, 2030 and 2040): Breakdown of Electricity (Billion Kilowatt Hours) and Percentage Share for Petroleum, Nuclear, Natural Gas, Coal and Renewables

  • Targets for Electricity Production from Renewable Energy Sources in Select Countries

  • Investment Scenario on Renewable Energy Remains Impacted

  • Global Investments in Clean Energy & Efficiency Technologies (In US$ Billion) for the Years 2018, 2019 & 2020

  • Inevitable Rise in Energy Demand Post COVID-19 to Throw Spotlight on Renewable Energy & Energy Storage Technologies

  • Burgeoning Global Population Propels Demand for Electric Power

  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100

  • Growing Investments in Renewable Energy to Trigger Growth in Energy Storage Domain

  • Optimization of Plant Efficiency Using Smart Solutions for Energy Storage

  • Established Image of Lithium-ion Batteries to Drive Market Momentum

  • Li-ion Batteries Vs Flow Batteries

  • Flow Batteries: One of the Key Battery Chemistries of BESS

  • World Flow Battery by Geographic Region - Annual Sales in US$ Million for Years 2021 and 2027

  • Growing Opportunities for Flow Batteries in Clean Energy Space

  • New Solar Flow Battery with Increased Energy Conversion Efficiency

  • Pandemic Impact on the Vanadium Redox Battery Market

  • World Vanadium Redox Battery by Geographic Region - Annual Sales in US$ Million for Years 2021 and 2027

  • Vanadium Redox Flow Batteries Face Stiff Challenge in Replacing Li-ion Batteries for Utility-Scale Storage

  • Utilities: The Major End-Use Market for Battery Energy Storage Systems

  • Need for Improved Energy Management amidst Increasing Demand for Electricity Benefits Market Expansion

  • Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040

  • Grid Modernization Programs Emphasize Grid Connected Energy Storage

  • Global Investments in Electricity Networks and Storage (In US$ Billion): 2000, 2008, 2012, 2016, and 2019

  • Smart Grids Elevate the Prospects for BESS

  • Global Market for Smart Grids (in US$ Billion) by Region for the Years 2018 and 2020

  • Residential Applications to Witness Increased Penetration of BESS in the Long Run

  • Robust Outlook for EVs Opens New Avenues of Growth for EV Batteries & BESS Integrated EVCS Market

  • With COVID-19 Pandemic Affecting EV Sales, Prospects Hit for Battery Materials and BESS Market

  • Global Electric Vehicle Sales % Change in 2020

  • Increasing Importance of Batteries in the Modern World Presents Opportunities for Cathode Materials

  • Global Cathode Materials Market by Application (in %) for 2020E

  • Recycling of Battery Systems

  • Challenges Confronting the Global Battery Storage System Market

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/xm44wz

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